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    • wharty
    • By wharty 8th Feb 18, 1:11 PM
    • 408Posts
    • 640Thanks
    wharty
    Nationwide Mortgage application rejected through B
    • #1
    • 8th Feb 18, 1:11 PM
    Nationwide Mortgage application rejected through B 8th Feb 18 at 1:11 PM
    Hi

    My wife and I were made bankrupt in 2013 and discharged in 2014.
    We had a broker apply for a mortgage on our behalf and he contacted Nationwide who performed a hard search and soft search on our credit files.

    The broker seemed very disinterested from the start and didn't seem to read everything we sent him, often asking for details several times even though he already had them.

    He was extremely hard to get information from and wouldn't give information unless i coerced him into doing so.

    We got the impression that he thought he was defeated before he even tried.

    Because of these concerns I asked him if he had a copy of the application he sent to Nationwide but he said there wasn't an application as such.

    I eventually got a reference number from him so I could contact Nationwide ourselves which I will do in due course.

    Nationwide said it was rejected due to information on our credit file which is fair enough but why say in your lending criteria that you will consider an ex bankrupt if they have been discharged for more than 3 years?

    I appreciate we have defaults that have been settled and the bankruptcy is there but what else could it be?

    We passed the affordability check according to the broker and our wages are fine, it just seems the broker wasn't interested and didn't even try.

    I would appreciate any advice or thoughts, Thanks.
Page 1
    • wharty
    • By wharty 8th Feb 18, 1:41 PM
    • 408 Posts
    • 640 Thanks
    wharty
    • #2
    • 8th Feb 18, 1:41 PM
    • #2
    • 8th Feb 18, 1:41 PM
    UPDTAE: Whilst i was writing the original thread the broker rang back and said he had spoken to somebody at Nationwide who said it may help if we increase our deposit beyond 5%.

    We were going to use Help to Buy which would have us at 75% LTV.

    Now that seems reasonable, but something doesn't add up.

    Why say that Nationwide rejected it because of something on our credit file but when I ask for a copy of his application on our behalf and a reference number when he said there was no application as such, would he then turn around and say increasing the deposit may help?

    How would increasing our deposit change what Nationwide rejected us for on our credit file?

    It doesn't make sense, if its rejected because of our credit file then surely a bigger deposit wouldn't help?

    Shouldn't he just have told us that as ex bankrupts, Nationwide require us to put down a bigger deposit and that they rejected us because we didn't have a sufficient enough deposit?

    Thanks.
    • wharty
    • By wharty 8th Feb 18, 1:50 PM
    • 408 Posts
    • 640 Thanks
    wharty
    • #3
    • 8th Feb 18, 1:50 PM
    • #3
    • 8th Feb 18, 1:50 PM
    Sorry just notice the thread title is wrong.

    It should read, "Nationwide Mortgage application rejected through broker".
    • wharty
    • By wharty 8th Feb 18, 2:40 PM
    • 408 Posts
    • 640 Thanks
    wharty
    • #4
    • 8th Feb 18, 2:40 PM
    • #4
    • 8th Feb 18, 2:40 PM
    Feel free to move this elsewhere if its in the wrong section, i could really use some advice on this. Thanks
    • Johnsmith2016
    • By Johnsmith2016 10th Feb 18, 8:58 AM
    • 436 Posts
    • 224 Thanks
    Johnsmith2016
    • #5
    • 10th Feb 18, 8:58 AM
    • #5
    • 10th Feb 18, 8:58 AM
    Nationwide will lend you will likely need a decent deposit though. 5% is not .
    • wharty
    • By wharty 12th Feb 18, 12:28 PM
    • 408 Posts
    • 640 Thanks
    wharty
    • #6
    • 12th Feb 18, 12:28 PM
    • #6
    • 12th Feb 18, 12:28 PM
    Nationwide will lend you will likely need a decent deposit though. 5% is not .
    Originally posted by Johnsmith2016
    The mortgage broker asked nationwide if increasing the deposit would help but they said no.

    Nationwide say its something on our credit file.
    • mwarby
    • By mwarby 24th Feb 18, 11:17 AM
    • 821 Posts
    • 307 Thanks
    mwarby
    • #7
    • 24th Feb 18, 11:17 AM
    • #7
    • 24th Feb 18, 11:17 AM
    Nationwide also turned me down (much the same but a full and final IVA not bankruptcy, affordability checker was fine). It seems they will 'consider' the application (or decision in principle), but after not a lot of consideration they will decline (regardless if LTV is 95% or 75%).

    I found yorkshire building society where happy at the lending decision stage for 90% LTV (not yet found right place to purchase). I'm living in Scotland which reduces my choice, if your in England you'll have more options
    • cancatsdance
    • By cancatsdance 24th Feb 18, 3:10 PM
    • 48 Posts
    • 15 Thanks
    cancatsdance
    • #8
    • 24th Feb 18, 3:10 PM
    Hi
    • #8
    • 24th Feb 18, 3:10 PM
    I'm in the same boat 3 years from BKT and about to apply for a 200k mortgage with 60k deposit. Have you managed to get one yet
    • zx81
    • By zx81 24th Feb 18, 3:25 PM
    • 16,408 Posts
    • 17,464 Thanks
    zx81
    • #9
    • 24th Feb 18, 3:25 PM
    • #9
    • 24th Feb 18, 3:25 PM
    It doesn't make sense, if its rejected because of our credit file then surely a bigger deposit wouldn't help?
    Originally posted by wharty
    It surely would, as it reduces their exposure.
    • wharty
    • By wharty 1st Mar 18, 1:42 PM
    • 408 Posts
    • 640 Thanks
    wharty
    It surely would, as it reduces their exposure.
    Originally posted by zx81
    Yes, but that's not what they rejected us for, they rejected us because of something on our credit file. Just don't understand why the broker would try and change the deposit amount if its a credit file issue.
    • wharty
    • By wharty 1st Mar 18, 1:45 PM
    • 408 Posts
    • 640 Thanks
    wharty
    I'm in the same boat 3 years from BKT and about to apply for a 200k mortgage with 60k deposit. Have you managed to get one yet
    Originally posted by cancatsdance
    Not got one yet but haven't applied again. We think the problem is default balances still being updated on Experian from the settled date in 2014 up until Jan/Feb this year.

    Halifax refused to change it and said we should have informed them of the discharge and it wouldn't have happened.

    The financial ombudsman has now told them to change it so see what happens.

    The only problem is there are several others on both mine and my wife's files that are doing the same.
    • phillw
    • By phillw 1st Mar 18, 1:59 PM
    • 1,246 Posts
    • 801 Thanks
    phillw
    Yes, but that's not what they rejected us for, they rejected us because of something on our credit file. Just don't understand why the broker would try and change the deposit amount if its a credit file issue.
    Originally posted by wharty
    Maybe the "something on your credit file" is only important because of the small deposit.

    If they can repossess the house and sell it at auction and get all their money back, then they are more likely to take a greater risk. With a 5% deposit they wouldn't be able to do that.
    • John-K
    • By John-K 1st Mar 18, 7:41 PM
    • 516 Posts
    • 732 Thanks
    John-K
    Yes, but that's not what they rejected us for, they rejected us because of something on our credit file. Just don't understand why the broker would try and change the deposit amount if its a credit file issue.
    Originally posted by wharty
    Something on your credit file hasnít pushed you over the line, all things considered, to a rejection. A bigger deposit may move you back over in the other direction.
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